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- Trump administration not in a rush to replace Powell, Treasury chief Bessent says</p>
<p>July 23, 2025 at 6:40 PM</p>
<p>WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent said on Wednesday that the Trump administration was not in a rush to nominate a new Federal Reserve Chair to replace Jerome Powell.</p>
<p>"We are getting the process underway. Obviously it's going to be President Trump's decision, and we're not in a rush," Bessent told Bloomberg TV in an interview.</p>
<p>Powell's term as chair ends in May 2026, although he is due to stay on as a Fed governor through January 2028.</p>
<p>President Donald Trump has repeatedly called for Powell to resign but has said he would not fire him.</p>
<p>In a separate interview aired on Tuesday, Bessent said there was no need for Powell to resign right now.</p>
<p>When asked if Fed Governor Michelle Bowman was under consideration, Bessent said: "I'm not going to name names, but there are candidates, as I said, on the board, several female regional bank presidents and there are fantastic women outside the Fed."</p>
<p>Bessent said he continued to have regular meetings with Powell and that Powell had not told him whether he would leave his board seat before 2028.</p>
<p>"My belief is that he will. And I think that it would be very good for the institution for him to do it and I think it'd be very good for him personally to do it," Bessent said.</p>
<p>(Reporting by Susan Heavey and Bhargav Acharya; Editing by Andrew Heavens and Tomasz Janowski)</p>
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